Release Shows Interesting Numbers on Hurricane Irma Recovery

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Citizens Property Insurance Corp recently issued a statement regarding insurance claims from Hurricane Irma. The storm, which devastated the Florida Keys and sent millions of citizens fleeing the peninsula, made landfall over six months ago. As the release shows, the recovery process is still ongoing.

The announcement included some interesting facts about Hurricane Irma’s impact and how the state of Florida is handling rebuilding efforts. For instance, over 900,000 insurance claims were made to all insurance carrier. Citizens paid $604 million thus far to its policyholders, and the majority of claims are closed.

Across all insurers, the majority of Hurricane Irma claims have been closed, but around 14 percent remain open. Citizens says this is due to covering replacement costs as repairs get underway; some are finding contractor repair estimates are above Citizens’ initial repair estimates.

Some other facts emerging about Hurricane Irma’s impact:

Insured losses from the storm are estimated at $7.9 billion. As of Nov. 13, Florida’s Office of Insurance Regulation reported an estimate of $5.8 billion had been paid.

In Sarasota, we were spared the significant damage seen in the Florida Keys and Marco Island area. Most of the obvious recovery effort has ended. Power has long since been restored, the debris finally hauled away, and the beaches are back in business.

As the Citizens’ press release proves, that doesn’t mean the impact is over. State, county, and city governments are still seeking reimbursements for recovery expenses. Some less fortunate local residents may still be displaced, or be a refugee from one of the other storms, like Maria in Puerto Rico. Six months later, it’s a reminder of the long term effect these major tropical events can have on millions of people.